Bitcoin Miners Stay Bullish Despite Market Uncertainty
Bitcoin miners are showing confidence in the marketS future growth, despite macroeconomic challenges. Analysts at Bitfinex Alpha recently highlighted this in a research report.
Miner reserves have remained stable,even after a 32% drop from Bitcoin’s all-time high in 2024. As of May 5, reserves stood at 1,808,674 BTC, similar to december 2024 levels.This suggests miners are holding onto their coins,rather than selling.
Miners usually sell some of their holdings to cover operational costs. Their current restraint indicates they expect Bitcoin’s price to rise in the future. The analysts believe this supports the idea that the current bull cycle may not be over.
The Puell Multiple, a measure of miner profitability, is also low. Values above 2 usually signal increased selling, but the current level suggests large-scale selling is unlikely.
These factors show that miners are confident in Bitcoin’s potential for future gains.while short-term fluctuations are possible, the overall trend suggests the current cycle may still have room to grow.
